Kwon Admits to Making Bad Decisions That Led To The Collapse Of Terra And UST while possessing an “entertaining alter ego.”
In a recent statement with Coinage Media, Terra’s Do Kwon was quoted saying that the collapse of Terra was partly due to his bad decision-making.
EXCLUSIVE: Do Kwon breaks his silence.
Coinage Episode 0: Inside Crypto’s Largest Collapse with Terra Founder @stablekwon debuts Monday, August 15.
Watch it first with a free Coinage Subscriber NFT at 6:00 am EST (link in bio) pic.twitter.com/MewkOavPm3
— Coinage (@coinage_media) August 14, 2022
A few months ago, the crypto market went on a downward spiral, with some of the previously popular investment schemes going bankrupt. Some cryptos like Terra Luna (now Luna Classic) and its Terra native stablecoin, UST, collapsed. Now, it appears that Terra’s own CEO may have contributed to the collapse of the Terra ecosystem.
Bet Big, Lose Big
In a recent statement, Do Kwon admitted that the collapse of Terra might have had its genesis from his wrong market assumptions. According to him, he made a series of big bets that ultimately didn’t pay off in the end, thus leading to the crash of LUNA’s price from the highs of close to $120 in early May to the lows of mere pennies. The coin is currently trading at around $0.000096.
The full interview is yet to be released. In the currently available short clip, Do Kwon said,
“I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition. I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.”
He further admitted that he had an “entertaining alter ego.”
Do Kwon claims to have had an, “entertaining alter ego.”
For the full episode…
1️⃣ Mint our FREE Subscriber NFT (link in bio)
2️⃣ Head to https://t.co/G5AY8vhH08 pic.twitter.com/nfhhTnuDZY
— Coinage (@coinage_media) August 15, 2022
alter ego is “When a character lives more than one life, having a secret identity or taking on more than one personality, that alternate personality is their alter ego—for instance, think of Spider-Man, who is the alter ego to Peter Parker.”
Interview To Include Terra Employees
Apparently, the full interview hosted by Zack Guzman of Coinage Media included some of Terraform Labs’ employees. Hopefully, their inclusion will shed more light on what exactly happened to Terra Luna and UST. TFL and Do Kwon are currently involved in serious legal trouble with the authorities in South Korea, whereby they are accused of tax evasion. Authorities are also investigating to find out whether Terra executives may have intentionally caused the Luna and UST crash.
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